BJ's Restaurants Beneish M-Score Historical Data
The historical data trend for BJ's Restaurants's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BJ's Restaurants Beneish M-Score Chart
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BJ's Restaurants Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.33 |
-1.90 |
-2.55 |
-2.53 |
-3.15 |
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BJ's Restaurants Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.92 |
-2.28 |
1.28 |
-3.15 |
Competitive Comparison of BJ's Restaurants's Beneish M-Score
For the Restaurants subindustry, BJ's Restaurants's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
BJ's Restaurants's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, BJ's Restaurants's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BJ's Restaurants's Beneish M-Score falls into.
BJ's Restaurants Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of BJ's Restaurants for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.6557 | + | 0.528 * 0.8455 | + | 0.404 * 1.1276 | + | 0.892 * 1.0384 | + | 0.115 * 0.9914 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0782 | + | 4.679 * -0.074928 | - | 0.327 * 0.9766 |
| = | -3.15 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $19 Mil.
Revenue was 323.635 + 318.644 + 349.67 + 341.28 = $1,333 Mil.
Gross Profit was 46.467 + 37.774 + 50.622 + 42.924 = $178 Mil.
Total Current Assets was $83 Mil.
Total Assets was $1,058 Mil.
Property, Plant and Equipment(Net PPE) was $875 Mil.
Depreciation, Depletion and Amortization(DDA) was $71 Mil.
Selling, General, & Admin. Expense(SGA) was $82 Mil.
Total Current Liabilities was $199 Mil.
Long-Term Debt & Capital Lease Obligation was $482 Mil.
Net Income was 8.051 + -3.804 + 11.932 + 3.481 = $20 Mil.
Non Operating Income was -2.978 + -1.433 + -0.508 + -1.95 = $-7 Mil.
Cash Flow from Operations was 32.226 + 32.011 + 9.701 + 31.899 = $106 Mil.
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Total Receivables was $29 Mil.
Revenue was 344.152 + 311.348 + 329.697 + 298.729 = $1,284 Mil.
Gross Profit was 44.459 + 31.931 + 39.098 + 29.276 = $145 Mil.
Total Current Assets was $82 Mil.
Total Assets was $1,046 Mil.
Property, Plant and Equipment(Net PPE) was $876 Mil.
Depreciation, Depletion and Amortization(DDA) was $70 Mil.
Selling, General, & Admin. Expense(SGA) was $73 Mil.
Total Current Liabilities was $197 Mil.
Long-Term Debt & Capital Lease Obligation was $493 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (19.469 / 1333.229) | / | (28.593 / 1283.926) |
| = | 0.014603 | / | 0.02227 |
| | = | 0.6557 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (144.764 / 1283.926) | / | (177.787 / 1333.229) |
| = | 0.112751 | / | 0.133351 |
| | = | 0.8455 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (83.021 + 875.281) / 1058.454) | / | (1 - (82.258 + 875.9) / 1045.922) |
| = | 0.094621 | / | 0.083911 |
| | = | 1.1276 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1333.229 | / | 1283.926 |
| | = | 1.0384 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (70.385 / (70.385 + 875.9)) | / | (70.992 / (70.992 + 875.281)) |
| = | 0.07438 | / | 0.075023 |
| | = | 0.9914 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (82.103 / 1333.229) | / | (73.333 / 1283.926) |
| = | 0.061582 | / | 0.057116 |
| | = | 1.0782 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((482.114 + 199.325) / 1058.454) | / | ((492.676 + 196.858) / 1045.922) |
| = | 0.643806 | / | 0.659259 |
| | = | 0.9766 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (19.66 - -6.869 | - | 105.837) | / | 1058.454 |
| | = | -0.074928 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
BJ's Restaurants has a M-score of -3.15 suggests that the company is unlikely to be a manipulator.
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